pope benedict the 16th is resigning. dennis: the first time a pope will resign in nearly 600 years. >> i do understand that there is an incredible sense of shock here as well. he always indicated he would step down from his position if he became unable to do the job mentally, physically, and that is what he did. people did not see it coming. we have heard from world leaders . it is shocking that pope benedict will be stepping down. this is an unusual event. all sorts of new prophecies will be put into place. there will be a conclave of cardinals and so far, of course, there are already names in terms of potential next pope. it is early to get a sense of how any of them will stand in not running. that is the latest. dagen: thank you so much. it really took our breath away when the news broke. back here at home, our economy is still in a recession. we have built up unions editor at forbes joining us now from washington, d.c. you just look at this one of two ways. if you are a democrat, listen to nancy pelosi at the top of